Nifty IT rebounds nearly 4% as Infosys leads rally
After dropping over 6% in the past four days, the Nifty IT index bounced back with a nearly 4% gain on July 2.
Infosys led the charge, climbing more than 5%, while HCL Tech, TCS, and Tech Mahindra also saw solid gains.
Even midsize IT firms like Coforge and Mphasis joined the rally.
DIIs inject ₹3,159cr into market
A big reason for this turnaround was domestic investors stepping in: DIIs pumped ₹3,159 crore into the market, offsetting foreign investor selling.
The overall market got a lift too: Sensex rose by 317 points and the Nifty added over 100 points.
Interestingly, while global tech stocks struggled in June (the Nasdaq actually fell), India's Nifty index outperformed most markets thanks to factors like cheaper oil and booming auto sales.
As VK Vijayakumar from Geojit Investments put it, these trends have given India an edge over other non-AI markets lately.